A penthouse in Harlem sold for $9.4 million, setting a new record for the most expensive uptown condominium.
Developer Artimus Construction closed last week on the 3,734-square-foot apartment at its Circa Central Park at the corner of West 110th Street and Frederick Douglass Boulevard, the Wall Street Journal reported.
285 West 110th Street (Credit: CityRealty)
“Harlem isn’t a value play anymore,” said Corcoran’s Julia Boland, who was not involved in the sale. “People with $9 million to spend have choices, they can live anywhere in Manhattan, but they chose Harlem.”
The deal is the most expensive condo sale north of 96th Street on Manhattan’s West Side and above 102nd Street on the East Side, according to Corcoran.
At a time when the luxury market is soft, the deal highlights how buyers are carefully selecting homes in different neighborhoods.
The identity of the buyer, who purchased the unit through an entity named Circa North Star LLC, was not revealed. Not including the 1,200 square feet of outdoor space, the price works out to about $2,531 per square foot.
Corcoran’s Steve Gold, who represented Artimus in the sale, said the deal closed at a roughly 4 percent discount to the original asking price of $9.8 million.
He noted the building has a 25-year tax abatement, which is worth more than $2 million in tax savings over 25 years.
“Buyers are no longer making quick decisions,” he said. “They have to fall in love with the product, see quality and after the emotional part they have to feel there is relative value” compared to other homes.
Meanwhile, a penthouse is Brooklyn is poised to set a record for the borough. A unit at Quay Tower is reportedly in contract for $20 million. [WSJ] – Rich Bockmann